This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Dixie Group Reports Third Quarter 2011 Results

The Dixie Group, Inc. (NASDAQ:DXYN) today reported financial results for the third quarter ended October 1, 2011. In the third quarter of 2011, the Company had sales of $69,607,000 and income from continuing operations of $22,000, or $0.00 per diluted share, compared with a loss from continuing operations of $1,869,000, or $0.15 per diluted share for the third quarter of 2010. Net sales increased 22.8% for the fiscal third quarter of 2011 as compared with the third quarter of 2010. For the year-to-date, sales are $204,761,000 and income from continuing operations is $1,474,000, or $0.11 per diluted share, compared with sales of $166,188,000 and a loss from continuing operations of $5,012,000, or $0.40 per diluted share, for the year-ago period. Net sales for the year-to-date are 23.2% above the same period of 2010.

Excluding items related to refinancing the Company’s Senior Credit Facility, the Company reported Non-GAAP income from continuing operations of $216,000, or $0.02 per diluted share, in the third quarter of 2011, compared with a loss from continuing operations of $1,869,000, or $0.15 per diluted share, for the third quarter of 2010.

Commenting on the results, Daniel K. Frierson, chairman and chief executive officer, said, “Dixie had strong growth in the quarter with nearly 23% improvement in sales compared to very modest growth for the industry. Our residential product sales grew 26% above the same period in 2010. This increase is in contrast with what we believe is a sales decline for the residential market. The residential carpet market, in general, has still not recovered from the recession; however, it is notably stronger at the high end than the broader market. Our commercial products had growth of 14%, which we believe is above the industry growth rate. Notable was growth in the modular carpet tile sector, which continues to exceed that of the broadloom product category in commercial products for both Dixie and the industry.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,673.89 -4.34 -0.02%
S&P 500 2,058.18 +2.03 0.10%
NASDAQ 4,873.96 +10.5980 0.22%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs